Business
Wilks Brothers, LLC Announces Alternative Path to a Premium-To-Market Cash Recovery for Shareholders if Management Transaction Does Not Proceed
Wilks Brothers, LLC Announces Alternative Path to a Premium-To-Market Cash Recovery for Sh...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nWilks Brothers, LLC Announces Alternative Path to a Premium-To-Market Cash Recovery for Shareholders if Management Transaction Does Not Proceed\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCISCO, Texas, Sept. 1, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES./\nWilks intends to make a formal take over bid to acquire all of Calfrac's issued and outstanding shares at C$0.18 per share which would ensure Shareholders receive a premium-to-market recovery even if Calfrac refuses to pursue Wilks' Superior Alternative Proposal or voluntarily commences a CCAA proceeding.The Premium Offer will nullify the threats made to Shareholders by the entrenched Board and management of Calfrac by guaranteeing a premium-to-market recovery if the Management Transaction is VOTED DOWN by Shareholders and not ultimately approved by the Court. Wilks' Superior Alternative Proposal will also remain fully available to Calfrac. The Premium Offer simply guarantees Calfrac Shareholders a superior recovery if Calfrac continues to push ahead with its inferior and conflict-ridden transaction and fails to implement it. CISCO, Texas, Sept. 1, 2020 /CNW/ - Wilks Brothers, LLC (\"Wilks\") announced today that it intends to provide the Shareholders of Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) with an unobstructed path to receive a premium-to-market recovery, in cash, if the coercive, insider-led transaction that has been proposed to them by the entrenched board and management of Calfrac (the \"Management Transaction\") does not proceed. \nWilks intends to make a formal take-over bid (the \"Premium Offer\") to acquire all of the issued and outstanding common shares of Calfrac that it does not currently own for cash consideration of C$0.18 per share. The Premium Offer will be made in accordance with the provisions of Nati...